Oil Monitor as of 16 January 2019

Date published: January 16, 2019

WORLD OIL PRICES  (January 07-11, 2019 trading days)

Dubai crude  has   increased week-on-week by almost   US$5.00 per barrel.  MOPS gasoline and diesel have also increased by around  US$4.30 per barrel and nearly US$7.00 barrel respectively.

Reasons for the Adjustment (Rollbacks)

  • U.S. crude oil prices rose on hopes that Washington and Beijing can resolve a trade dispute that has triggered a global economic slowdown
  • Oil prices have also been receiving support from supply cuts started at the end of 2018 by a group of producers around the Organization of the Petroleum Exporting Countries (OPEC) 
    • OPEC's 15 members pumped 32.43 million b/d in December, 0.63 mil b/d lower than November output of 33.06 million b/d.
    • Saudi Arabia pumped 10.6 million b/d in December, down from an all-time high of 11.02 million b/d in November.
    • Saudi energy minister Khalid al-Falih reiterating OPEC's commitment to balancing the oil market.
  • Upward trending equity markets pushed crude and refined product futures to higher settles in the last days of the week.
  • The US oil and natural gas rig count fell by seven to 1,138 during the first full week of 2019, S&P Global Platts Analytics data showed Thursday, and the total is 95 rigs below the recent high of 1,233 posted in mid-November.

FOREX:  Week-on-week  value of Philippine Peso appreciated against the  US dollar  by P0.06  to P52.32, from P52.59 in the previous week. 

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DOMESTIC OIL PRICES      

Effective 15 January 2019, most of the oil companies implemented a price increase of P1.40/liter for gasoline,  P2.30/liter for diesel  and P2.00/liter for kerosene.

Year-to-date adjustments stand at a net increase of P0.90/liter for gasoline, P0.50/liter for kerosene and P1.15/liter for diesel.

As monitored, shown below are the retail prices in Metro Manila beginning January 15, 2019.

Products
Price Range
Common Price

P/liter

Gasoline (Ron91) 
41.45-49.22
45.05

Gasoline (Ron95) 
41.95-54.86
47.70

Gasoline (Ron97) 
43.40-55.80
49.70

Diesel
36.35-42.25
37.90

Diesel PLUS
38.80-43.98
41.15

Kerosene
40.82-50.90
46.35

LPG, P/11-kg cylinders
531.00-715.00
 

 
For more information, call the

Department of Energy
Pricing: 840-2187
LPG: 840-2130
Fuels: 840-5669
SMS: (0915) 4469421
Email: oilmonitor@doe.gov.ph
Website: https://www.doe.gov.ph

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